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How to Rent an Apartment in Manhattan New York (CHECKLIST)

We work with many international and out of town clients who often prefers to rent before they purchase so they can understand and familiarize themselves with the neighborhood better before making a purchase commitment. To rent an apartment in Manhattan, the application process can be longer and different than the rest of the country or world, so please follow our step by step guide to better prepare yourself.

Here is the check list before you start searching for the apartment:

Organize and prepare the necessary documents to bring with you, including:
Letter of employment and salary verification (include start date if not yet employed)
Bank account numbers (checking and savings), credit card numbers
Names, addresses and phone numbers of previous landlords
Names, addresses and phone numbers of accountant and attorney, if applicable
Names, addresses and phone numbers of personal and business references
Tax returns- previous three years will be ideal
Pay stubs
Expected bonus (verification from employer)
Additional sources of income with verification
Personal identification with photograph – driver’s license or passport
If relocating, prepare the necessary funds before coming to New York. Landlords will not accept personal or out-of-state checks. They require certified funds.

Anyone renting or relocating must:
Establish a New York bank account before you begin your search. If this is not possible, bring the necessary funds with you.

Bring enough traveler’s checks to cover the cost of two (2) month’s rent (which must be converted into CERTIFIED CHECKS). This comprises the first month’s rent and one (1) month’s security deposit.

Bring funds to cover the broker’s fees if your company is not paying covering that expense. Majority of the time, Brokerage fees are paid by the tenant in New York City. These fees are due upon signing of the lease unless your employer is paying the real estate commission for which they will be billed directly.

Bring funds to cover a Credit Check: $50-$100+, can be credit card, it varies.

Bring funds to cover possible move-in/move-out fees (See Co-op/Condo Funds Needed).

Contact us (917)837-8869 to discuss what your criteria is and your availability.

The rental apartments turn over is very fast, so having a good plan is the key to secure the apartment you want.

When you have made your apartment selection, you will be asked to fill out a rental application and one or more miscellaneous documents. We will negotiate price and lease terms for you. Upon acceptance, a credit report will be done, and your references will be checked.
Leases will be signed and checks presented.

Manhattan Greenwich Village One bedroom Condominium Market Report

Manhattan condominium real estate for sale.  Most of Greenwich Village real estate is made up of cooperative buildings.  We would say that probably 85% of the building’s in Greenwich Village are cooperatives.

This makes the condominium market in Greenwich Village have a very tight amount of supply of available condominium apartments for sale.  There are a lot of reasons many buyer’s look for a condominium apartment, some being looking for the flexibility to buy it as an investment property and the relative ease of purchase without having to go through the cooperative process.

In Greenwich Village as of this blog post there are approximately 12-13 1 bedroom condos for sale in Greenwich Village.  That is a very small number, most buyers looking in Greenwich Village will also look in certain parts of the West Village, Soho, Chelsea, East Village and the Union Square area, but nonetheless that is a small amount of inventory to look at.

The price range typically starts around $950,000 for a true 1 bedroom in a condominium building, but for a full time doorman building in the heart of Greenwich Village, expect the price point to start around $1,100,000 and go up from there.

In the last 60 days, I see that 3 One Bedroom apartments sold and closed in Greenwich Village with a range in price of $1,110,000 up to $1,900,000.  The Average Days on Market for those Three Apartments from the time it went on the market to having an offer accepted was less than 45 days.  That means that the best priced apartments are seeing a lot of interest and are still going into contract very quickly.

If you are looking to buy a Greenwich Village 1 One Bedroom Condominium, you can contact me at (917) 837-8869 and we can discuss what your specific needs are and what is currently available.

Taiwanese Chinese Real Estate Agent New York city

I have learn majority of my mother tongue while I was growing up in Taipei Taiwan. I was born in Taipei Taiwan (Republic of China) 臺灣, The main island of Taiwan, also known as Formosa.  (from Portuguese  Formosa, meaning “beautiful (island)”), is located in East Asia off the coast of China, southwest of the main islands of Japan but directly west of the end of Japan’s Ryukyu Islands, and north-northwest of the Philippines.

About 80% of the residents in Taiwan speak both Standard Mandarin (officially recognized by the Republic Of China as

the National Language) and Taiwanese Minnan (commonly known as “Taiwanese”; a variant of Min Nan spoken in Fujian province). Standard Mandarin is the primary language of instruction in schools; however, most spoken media is split between Mandarin and Taiwanese.  I SPEAK BOTH MANDARIN and TAIWANESE, thanks to my grand mother that only speaks Taiwanese so I had to learn the language as a young child to communicate with her.

When our family moved to New York when I was a teenager, going to American schools, I often want to speak English more than Chinese so that I can fit in with others in the school. I often not want to speak much of my own language in school, partly because I was learning my way around how to speak like ‘an American girl’ with a proper accent. And I learn my English through ESL classes (English as Second Language class) Although my family have always remind me not to forget Chinese language as one day it will be very useful for me.

So far so true.  Being a Chinese Mandarin Speaking Real Estate Agent in New York, I have been reaping the benefits of being bilingual, and working with many sellers and buyers who also share the same culture heritage. I have been servicing oversea investors that speaks Chinese and connecting sellers who would like to sell their property to oversea investors using my language and culture connection.

If you are a seller that would like to have your property showcase to our oversea buyer connection. Please contact us now at (646)644-6929. If you are a buyer that speaks Chinese and would like work with someone that speaks your Chinese dialect, call us now at (646)644-6929.

Visit ChineseSpeakingAgent.com

Dorchester Towers NYC: 2011 Mid Year Report

Dorchester Towers-155 West 68th Street has seen a steady number of units come on the market for sale so far in year 2011. In 2010 we tracked total of 8 sales occurred in the building and in year  2009 total of 11 sales occurred. On average over the past 5 years there is approximately 10-12 sales occurring.

So far in the first 6 months of the year we have had 6 apartments closed and another 4  are currently in-contract or have offer’s accepted. We are well above pace for the typical number of sales. So the question is, why is that?

Many of the apartments at Dorchester Towers fall into a sweet spot of desirability for a big pool of buyer’s looking for a condominium in the Lincoln Center area of the Upper West Side. An example being a One Bedroom apartment ranging in size of 600-700 sq ft priced in the $625,000-$750,000 range. That is a price range that has very limited supply right now. Most of the alcove studio’s in the building are in the 550-600 sq ft range and priced typically around $550,000-$600,000. That is a very desirable combination of price, apartment size, at this location. The Junior 4 apartments that can be converted to a small two bedroom also fit a nice niche in the market. Some of these apartments have a second half-bath which make them extremely desirable. Being able to get a convertible two bedroom condo in a full service doorman building like Dorchester Towers in the price range of $850,000-$1,000,000 is a strong part of the market.

The condition of an apartment has been one of the largest influences on individual pricing in the building. When an apartment is sold in an original condition(circa 1965) compared to a recently renovated apartment the price per square foot difference is quite evident. The unrenovated apartments are going to sell on the lower end of the price point for their segment of the market.

Here is a summary of what has sold and is currently in contract at Dorchester Towers:

Sold:

Apartment 710(Alcove Studio in original condition) $490,000
Apartment 721(Junior 1 Bed/Very Large Alcove Studio) $650,000
Apartment 817(1 Bed, renovated) $720,000
Apartment 1512(Junior 4, 1 Bath, original condition) $ 860,000
Apartment 23B(Convertible 3, 2.5 Bath) $1,160,000
Apartment 208(Convertible 2, 1.5 Bath, renovated) $950,000
In-Contract:

509(1 Bedroom)-Last Asking Price was $689,000
1509(1 Bedroom)-Last Asking Price was $625,000
428(Junior 1 Bed)-Last Asking Price was $725,000-Offer Accepted
1701(Junior 1 Bed-Last Asking Price was $595,000

So far this year we have represented 5 transactions in the building. If you are an owner thinking of selling or renting your apartment contact us today. We can be reached at (917) 837-8869.

Dorchester Towers Condo -155 West 68th Street 2010 Report

The Dorchester Towers, built in 1965, is located in the prime Lincoln Center area of the Upper West Side in Manhattan.

Apartments at the Dorchester Towers are well known to have spacious and practical layouts, numerous large closets throughout each apartment,  and open western and eastern exposures. The mix of the apartments in Dorchester Towers Condominiums varies with a variety of layouts including mostly studio apartments both straight and alcove, one bedroom and junior 4 apartments commonly converted to 2 bedroom layout, and very spacious 2 bedroom units. There are combination units forming larger 3, 4 and 5 bedroom apartments.

We are the Dorchester Towers specialists that have assisted many savvy owners in selling and leasing their Dorchester towers condo apartments.

In 2010, there were eight apartments sold at the Dorchester Towers Condominium at 155 West 68th St, New York, New York 10023.

For a comparison of years past, in 2006 15 properties sold, in 2007 12 properties sold, in 2008 12 properties sold and in 2009 11 apartments sold.

There was a dip in the number of properties sold in 2010.

This could be a result of a number of different factors.  Almost all of the properties that came on the market in the building during the year ended up selling.  Like the rest of the market typically the only sellers that put their apartments on the market actually want to sell them and buyers are only willing to make offers on apartments that are priced relative to whats selling in their respective buildings and in the neighborhood.  This creates a situation where fewer apartments trade.

We are going to provide a basic breakdown of the sales that occurred in 2010.

As a Dorchester resident and also a Real Estate broker of Dorchester Towers I would like to note that pricing an apartment at Dorchester Towers has a lot to do with understanding the unique variables that make up this building.  Because the building is over 40 years old the condition of most apartments can vary widely, because of the unique shape and position of the building floor and exposure play a considerable part in the price an apartment will demand.  These variables are unique to each situation, and if you are curious about your specific apartment and how it compares to what’s sold, I recommend you to contact us (917)837-8869 so we can break down the differences between your apartment and what has sold this past year.  The figures we provide are accurate as far as the closing information we receive from multiple sources, but often prices are a reflection of different variables that are not as easily quantifiable.

The breakdown of apartments was as follows:

Three Junior Four Apartments Sold.

A 31st floor, 902 sq ft with 1.5 bath Junior 4 sold early on in 2010 for  $1,040,000.  This was a western facing(open views) renovated apartment with the second bathroom.
A 17th floor 975 sq ft 1 bath Junior Four sold for $870,000.00
A 21st floor 804 sq ft 1 bath Junior Four sold for $850,000.00
Junior Four Apartments are typically a 1 bedroom apartment with an L-shaped Living Room.  The addional wing of the living room can often be turned into a second small bedroom or used as a dining space.  Now at Dorchester Towers there are a number of different layouts for Junior 4 apartments.  Some layouts are more functional and have more value than others as the additional room will have a built in closet already and have a window.  The ayouts where the dining alcove space does not have a window or have a built in closet are not able to be marketed as a “real” bedroom space.

Three one bedroom Apartments Sold.  Average price was $646,833.  The average sq ft was 628 sq ft. That is about $1030 sq ft.

A third floor south facing 633 sq ft 1 bedroom sold for $626,000
A third floor south east facing 650 sq ft 1 bedroom sold for $672,500
A 17th floor West facing 601 sq ft 1 bedroom sold for $642,000.
The one bedroom market at Dorchester Towers is highly desirable as most of the apartments will fall into the $600,000-$700,000 price range. This price range in the Lincoln Square area for condominiums doesn’t have very much inventory with a fairly high number of buyers.

One alcove studio(Junior 1 Bedroom) sold for $560,000.  It was a western facing on the 5th Floor, 546 sq ft apartment.

One 3 bed 2.5 bath Sold -This combination apartment faced Broadway on the 18th floor sold for $2,150,000.  This combination featured over 1800 interior sq feet with an additional outdoor terrace, making it quite a unique Dorchester Apartment.

So how do these prices compare to 2009?

Breakdown of the type of units SOLD in 2009

Studios- 2 studios sold- Average price of $545,000 at an average price/sq ft of approximately $1001
1 Bedroom-4 One bedrooms sold – Average price of $675,000 at an average price/sq ft of approximately of $1054
Junior 4*- 3 Units Sold, Average Price- $902,053 at an average price/sq ft of approximately $1,000
3 bed/3 bath-1 unit sold at $2,200,000.00 price per sq ft of $1035
4bed/3 bath-1 unit sold at $1,610,000.00 price per sq ft $782
One bedrooms are selling for about 4% less than last year. Junior Four Apartments if you take the average sold for about $1030 sq/ft, but in my opinion the 31st floor apartment is skewing the numbers as that apartment is not very typical of the average Junior 4 in the building.  The other two sales are more typical and both of those sold for around $860,000.00 at about $966 sq ft.

The larger two and three bedrooms do not trade very often so the valuation really depends on the renovation, view, floor and layout.

Overall, much like the rest of the marketplace, renovated apartments are selling for a premium compared to apartments that need work.  In this marketplace buyers who have to purchase and then renovate will demand and expect to receive a discounted price as the out of pocket expenses and time involved to renovate will be considerable.

Dorchester Towers has faired well in the Manhattan marketplace.  I feel that our prime location in the Upper West Side, our low common charges, and well maintained and serviced building have to do a lot with that.

Again, we (Morgan Evans and Eileen Hsu) are Dorchester residents ourselves, Thanks for taking your time to look at our Dorchester Towers Report, if you are thinking of selling, leasing or buying in Dorchester Tower, we would like to hear from you. We worked with many Dorchester sellers and owners in the building in selling or leasing their condo units therefore we are very familiar of this building, if you have a question, call us today at (917)837-8869.

Visit us at www.DorchesterTowersCondo.com for more detail information about the building.

225 Fifth Ave – Fifth Ave Condo New York

225 Fifth Ave-Fifth Avenue Condo New York

Built in 1906 and originally known as the Brunswick Hotel, 225 Fifth was bought in 2006 to be converted into condominium residences and renamed The Grand Madison.

Located at 26th and 27th Street on 5th Avenue in the Flatiron District, The Grand Madison was originally built featuring Renaissance Revival architecture. The handsome limestone base featuring a deep red brick facade, attractive cornices and detailed pre-war details establish 225 Fifth as one of the premier Fifth Ave Pre-War Condominium Buildings.

This Fifth Avenue condo has white glove full service building offers a 24 hour doorman and concierge, live in super, exclusive fitness center and valet services.  Valet services include dry cleaning, wash and fold, on-site tailoring and maid services.

The Grand Madison-225 Fifth Avenue is one of the only pre-war condominium buildings located anywhere on 5th Avenue.  With the revitalization of the Madison Square Park neighborhood in the early 2000’s, this building is a sophisticated landmark of downtown living.

Looking for a particular Fifth Avenue or other location NYC condos? Drop us an email and we will get back to you promptly.

CONTACT US

Where Foreign Investors Want to Buy

Where Foreign Investors Want to Buy

New York is expected to be the favorite city for foreign real estate investments in the U.S. and globally in 2011, according to an annual survey of members of the Association of Foreign Investors in Real Estate. Washington, D.C., came in No. 2 both within the U.S. and global markets for cities where foreign investors most want to invest in the new year.

More than 72 percent of the association members say they plan to invest more money in U.S. real estate this year than in 2010.

“As the fear of a double-dip recession has faded, investors are becoming more enthusiastic about the prospects for the U.S. economy and are taking aim at real estate investment opportunities,” says James Fetgatter, AFIRE executive director. “However their strategy is more akin to a rifle than a shotgun. Except for multi-family housing, they are not scattering their interest throughout the U.S., but rather narrowly targeting it to New York City and Washington, D.C., to an even greater extent than in previous years.”

The top U.S. city picks among foreign real estate investors in 2011 are:
1. New York
2. Washington, D.C.
3. Boston
4. San Francisco
5. Los Angeles